Star-Kist Foods, Inc. v. Quinn

Star-Kist Foods, Inc., leases certain land and improvements owned by the city of Los Angeles and located within its boundaries. Its leases were made before our decision in De Luz Homes, Inc. v. County of San Diego, 45 Cal.2d 546 [290 P.2d 544], became final and were not extended or renewed thereafter. Section 107.1 of the Revenue and Taxation Code provides that such leasehold interests should be evaluated for purposes of taxation at an amount equal to the excess, if any, of the value of the interest, as determined by the formula contained in the De Luz opinion, over the present worth of the…